GBP/JPY Offered Two Take Profits In a Row – Are You Up for the Next Trade? - Forex News by FX Leaders
GBP/JPY - 4 Hour Chart

GBP/JPY Offered Two Take Profits In a Row – Are You Up for the Next Trade?

Posted Wednesday, June 6, 2018 by
Arslan Butt • 1 min read

It’s been a nice start to the day with five take profits in a row on Nikkei, DAX, GBP/JPY and USD/JPY. Thanks to the uncertainty, the markets are on a move now. The Japanese Yen took a bearish turn after a drop in the average hourly earnings. Economists were expecting a rise of 1.4% in average hourly earnings, but the actual figure came out below expectations at 0.8%.

On the other hand, the Sterling is already gaining strength over better than expected economic events, especially the Services PMI which soared to 54 from 52.8 last month.

Technically speaking, the Guppy has violated a strong resistance level of 147.200. That’s the same level which supported the GBP/JPY on May 3 and was earlier violated on May 24. The recent bullish breakout in GBP/JPY is likely to help buys to achieve 148.150 targets today.

GBP/JPY - 4 Hour Chart

GBP/JPY – 4 Hour Chart

Support     Resistance

146.4    147.44

146.08    147.76

145.56    148.28

Key Trading Level:  146.92

What’s My Plan?

I’m thinking of entering a sell position below 148.150 to target quick 40 pips. Whereas on the lower side, I will be looking for a buying signal above 147.250.

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About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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